With respect to the health of the bull market, it is crucial that AMZN not start overshooting its correction targets, even minor ones.  Today’s chart shows the stock an inch shy of that threshold. The 949.79 target, a Hidden Pivot support, slightly alters the one given here previously. In visual terms, although the support was slightly exceeded by Friday’s downtrend, the overshoot was within permissible bounds. But if it should be decisively exceeded Sunday night or Monday morning — a strong possibility if the crisis with North Korea escalates — that would hold potentially bearish implications for the stock market going forward.  We’ll wait to see what the day brings, but please note that it would take a move above the point ‘c’ high of the pattern, 1031.99, to lift AMZN tenuously from the danger zone._____ UPDATE (Aug 15, 6:14 p.m.): After falling to within an inch of the 949.79 target flagged above, AMZN has rallied $40. It’s still not out of the woods, however, and there is nothing in the hourly chart to suggest the stock is about to blast off for new all-time highs above July 27’s record 1083.31. More immediately, bulls would need to push past the 1006.40 peak that I’ve labeled to suggest they’re capable of this. _______ UPDATE (Aug 18, 1:55 a.m.): If the stock finds no support at 951.01, it could fall all the way to 910.27 before getting traction. Here’s the relevant chart, with a correction pattern that uses some parts of an older one. _______ UPDATE (Aug 22, 12:07 a.m.): Monday’s weakness shortened the odds of a further fall to 910.27.  Click here for updated chart.________UPDATE (Aug 22, 6:18 p.m.): Tuesday’s downside penetration of a midpoint HP support at 951.01 turns out not to have been decisive enough to make further slippage to 910.27 a done deal. Even so, a print up at 971.37 would be a ‘mechanical’ short in theory, stop 991.75.  Use camouflage to set up the trade, though, since the implied entry risk would be about $1000 per round lot.________ UPDATE (Aug 23, 7:02 p.m.): The stock has relapsed after going no higher than 968.55, denying us an easy opportunity to get short. Now, if 951.01 is decisively breached, that would open a path down to 910.27.
_______ UPDATE (Aug 27, 6:30 p.m.): AMZN spent most of Friday trading below the 951.01 pivot, but the stock could not be said to have broken down. We’ll cross our finger and hope it has a coronary this week, since it would be nice to see the stock inflict a little more pain on the yo-yos who have been buying it for more than eight years with no fear.